Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    We found 1 Central Bank of India Personal Loan Eligibility Calculator
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.3% Floating
    500 + applicable tax One time fee
    10L
    4 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Central Bank of India Personal Loan Eligibility Calculator is Rated as "Excellent!" by 15 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Central Bank of India Personal Loan Eligibility Calculator

    Apply for Personal Loan

    Overview About the Central Bank

    Central Bank was established in 1911, and was the first bank that was fully owned and managed by Indians. It’s among the top public sector banks with a large network in over 29 states and 6 union territories with 4695 Branches, 4 Extension counters, along with 29 Satellite Offices throughout the length and breadth of the country. Their wide range of corporate clients include ICICI, IDBI, UTI, LIC, HDFC to name a few. Central Bank plays an increasingly active role in promoting the key areas of agriculture, small scale industries as also medium and large industries.

    Central Bank Personal Loan Eligibility

    The eligibility for the Central Bank Personal Loans is bifurcated into the 7 types of Personal Loans - Personal Loan Scheme (Corporate), Personal Loan Scheme (Non Corporate), Personal Loan to Pensioners. As well as few speciality personal loans - Cent Teacher, Cent Ratna Scheme, Cent Personal Gold Loan

    For the Personal Loan Scheme (Corporate), Personal Loan Scheme (Non Corporate), Personal Loan to Pensioners the eligibility criteria are below:

    Particulars Personal Loan Scheme (Corporate) Personal Loan Scheme (Non Corporate) Personal Loan to Pensioners
    Eligibility Permanent employees of large corporate Clients. Permanent Employees of Railways, Government and state institutions, schools, Hospitals etc, has completed 5 years of service and drawing salary through our branches. Pensioners / Family Pensioners drawing pension through our Bank’s branches. The Pensioners getting their pension disbursed through Treasury/DPDO (Defence Pension Disbursing Office) directly to the credit of their saving accounts with our branches are also eligible.
    Pensioners/Family Pensioners of our Bank.
    Loan amount 20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan. 20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan. Pensioner aged up to 75 years - 18 months pension to a maximum of Rs. 5, 00, 000.
    Pensioner aged above 75 years - 12 months pension to a maximum of Rs. 2, 00, 000.
    Repayment 36 months - EMIs 48 months - EMI or within the left over service whichever is less. Installments to commence one month after disbursement Scheme of this Personal Loan to Pensioners is available as a term loan and overdraft facility.
    Processing Fees Rs. 500 per proposal Rs.500/- per proposal. (complete waiver of processing charges if the salary account is with Central Bank.) NA

    For the speciality personal loans like Cent Teacher, Cent Ratna Scheme, Cent Personal Gold Loan the eligibility criteria is below:

    Particulars Cent Teacher Cent Ratna Scheme Cent Personal Gold Loan
    Eligibility Permanent Teachers,employees of schools/colleges/universities and other Educational and Research Institutes whose salary routed through the accounts maintained with their branch Permanent employees of any Maharatna/Navratna/Major PSUs, this isn't available for speculative purposes. Overdraft/Demand loan against the pledge of 22carat gold ornaments or coins sold by Central Bank
    Loan amount 20 times of the gross salary to a maximum of Rs. 5, 00, 000, and a minimum net take home of 40% of gross salary after after payment of statutory dues, repayment of various loans including the installment of proposed loan. 20 times of gross salary with a maximum Rs. 6, 00,000 Minimum: Rs 10,000
    Maximum: Rs.20,00,000
    Repayment 48 months - EMI or within the left over service whichever is less. Installments to commence one month after disbursement 60 months Installments to commence one month after disbursement 12 to 36 Months, in the case of an overdraft facility. Amount will be reviewed annually.
    Guarantor/Security Personal guarantee of one co-employee with net worth equal to loan amount. Personal guarantee of one co-employee with net worth equal to loan amount. Pledge of gold ornaments of 22 Carat purity or Gold Coins sold by our Bank.
    Processing Fees Rs. 500 per proposal NA 0.5% of the loan amount plus applicable as an appraiser fee. In case of an OD renewal charges 0.25% of limit.

    The Cent Suvidha Personal loan as well has the below eligibility criteria:

    • Salaried employees of Corporate Clients/ Schools / Colleges/ Universities/ Other Organizations whose salary is routed through Savings accounts of our branches at least for one year.
    • Operation in the account must be satisfactory.
    • Other Loan accounts of the applicant, if any, should have satisfactory conduct
    • Maximum amount in Overdraft is up to Rs.1, 00,000 or one month's net salary whichever is less.
    • There’s no processing fees applicable.

    Factors affecting Central Bank Personal Loan Eligibility

    The eligibility for a Central Bank personal loan can be affected by multiple factors, they are mentioned below:

    • Income – The available income of an applicant after payment of statutory dues, repayment of various loans, and other expenses is crucial to determining the income left to repay even the proposed loan, therefore gauging the applicants repaying capability. If the income of the applicant is high, the chances of the loan getting approved are also high.
    • Employment type – When a salaried applicant loan is in question, Confirmed and full time employees are given a preference in comparison to temporary or probationary employees. The confirmed employees are given the preference since they have job security as compared to temporary or probationary employees.
    • Relationship with the bank – A relationship with the bank from where the loan is applied, increases the chances of an person applying for a personal loan, this builds trust and confidence between the bank and the applicant, enough to establish the applicant repaying abilities.
    • Existing loans – Pre-existing loans and liabilities might be frowned upon as they can reduce the applicant's loan repayment capacity.

    How CIBIL Score affects your Central Bank Personal Loan Eligibility?

    Central Bank ensure to check your CIBIL score and credit report before your personal loan is approved. The score of 750 and above is a very high chance of getting your loan approved. CIBIL credit report covers all aspects of your financial credit value and gauges your repaying ability. Your credit report from CIBIL includes repayment of your credit cards, previou loans, and payment patterns. It also keep a check on the settlements with any lenders if any for being unable to keep up with the installments.

    How to increase Central Bank Personal Loan Eligibility?

    Steps that will help you increase your chances for eligibility for a personal loan with Central Bank

    • Clean records - Ensuring your credit records are clean and all payments are made on time and you’ve kept up with the installments and that you don’t have much debt will increase your eligibility criteria.
    • Few loans - Fewer loans also will increase your eligibility criteria. Lenders will be more relaxed with your eligibility if you are borrowing less and have a higher payback ability.
    • Job status - Earning a stable income from an organisation wherein you’re a permanent employee, increase your eligibility.
    • CIBIL score - A great CIBIL score will do wonders in your eligibility for you personal loan application with Central Bank. The CIBIL helps give the bank your financial history as well as your repayment capacity

    FAQs on Central Bank personal loan eligibility

    Q. Are pensioners eligible for Central Bank personal loan?

    A. Pensioners are eligible under the Personal Loan to Pensioners provided by Central bank.

    Q. What is the maximum age of eligibility for pensioners?

    A. The maximum age of eligibility for pensioners is no bar, but the amount of loan differs for different ages, a pensioner up to 75 years will be allowed a personal loan of maximum Rs. 5, 00, 000 and a pensioner above 75 years will be allowed a personal loan of maximum Rs. 2, 00, 000

    Q. Can a student avail Central Bank personal loan?

    A. No. Students aren’t eligible for Central Bank personal loan.

    Q. Should the applicant provide any security in order to obtain the loan?

    A.Yes, the Personal Loan(Corporate and Non-Corporate) applicant has to have their salary routed through the account maintained by Central Bank, also provide an undertaking should be submitted to debit the loan amount from the salary. Cent Ratna Scheme has to be a co-employee worth at least the loan amount to stand as guarantor. The security for the Cent Personal Gold loan is the pledged ornaments and coins. The Cent Suvidha loan requires an undertaking from the employer to credit the monthly salary in our bank maintained account.

    Personal Loan Reviews

    • Central Bank of India Personal Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan from central bank of India around 6months ago,They have disbursed my loan amount within 2days of time. They have me more than the required loan amount. The rate of interest is low with central bank of India when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 10, 2017
    • Central Bank of India Personal Loan
      "Fast loan process"
      0.5 3.5/5 "Pretty good"
      I am fine with Central Bank, documentation process was good, they done the formalities on time and done the personal loan disbursement within two days of time. Service of centralized bank is not upto the mark like HDFC, they should work on it, other than that interest rate was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 22, 2017
    • Central Bank of India Personal Loan
      "Good service but need to decrease the interest rate"
      0.5 3.0/5 "Satisfactory"
      The rate of interest offered by central bank was high , even though I have submitted the IT certificates. Central bank of India took a week time to disburse my personal loan. The documentation process was very good with Central bank. I am happy about the loan amount . This loan has the tenure of 8 years. I am satisfied with the central bank of India service.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jun 13, 2017
    • Central Bank of India Personal Loan
      "Very fast"
      0.5 5.0/5 "Blown Away!"
      The loan processing is very fast and quick with Central bank. As I had taken loan from Central bank before 5 years. Its still an ongoing loan and I am left with 15K to clear the loan completely. All is good with Central bank be it service or processing and everything is absolutely fine with them.
      Was this review helpful? 2
      , tirupur
      Reviewed on Nov 28, 2016
    • Central Bank of India Personal Loan
      "Less rates applied "
      0.5 2.0/5 "Expected more"
      Central Bank of India has offered the best quote for the loan along with the charges . It was average service provided by Central bank of India related to the personal loan application.Their branch is situated in our office campus.Their service differ from person to person.For some they process it within 4days, but for other it will take even 1month to complete the loan process.
      Was this review helpful? 2
      , vijayawada
      Reviewed on Jun 14, 2016
    • Central Bank of India Personal Loan
      "Easy process "
      0.5 5.0/5 "Blown Away!"
      The loan process was not good with Central bank related to the personal loan process.The application was processed through the company.The documetns requried very simple documents.The interest rate applied was very less.They are updating about the loan process in a clear manner.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 05, 2016
    • Central Bank of India Personal Loan
      "Nice bank to avail loan "
      0.5 5.0/5 "Blown Away!"
      The service provided was very nice with Central bank of India related to personal loan.Once I provided the document they are processing the loan in easy manner.The interest rate applied was very good.They have not applied any additional charges in the account.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 25, 2016
    • Central Bank of India Personal Loan
      "Best interest ...."
      0.5 3.5/5 "Pretty good"
      Last 2 years back I got personal loan from Central bank of India. Interest rate offered by them was 12% which is very less compare to HDFC bank. They have collected simple documents from my end. Being a account holder they did not charged processing fees.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 26, 2015
    • Central Bank of India Personal Loan
      "Good ROI"
      0.5 4.0/5 "Great!"
      One year has been completed now after taking the personal loan from CENTRAL BANK OF INDIA. It is my salary account so I personally approached the bank manger. I got 14% as the rate of interest. They are following the customers very well. They came to me for my verification at the right time. It find little difficult in submitting my salary certificate with them.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 26, 2015
    • Central Bank of India Personal Loan
      "Charge is nil and rate is very less..."
      0.5 5.0/5 "Blown Away!"
      No processing charge in Central Bank of India and the interest rate for personal loan is only 12%. I am holding an account but still I submitted number of documents to get processed the loan. According to me the bank is not collecting relevant and required documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2015
    • Central Bank of India Personal Loan
      "Got A Loan..."
      0.5 4.0/5 "Great!"
      Central bank of India provided me a personal loan. The response was immediate. I got my loan sanctioned with 4 to 5 days. The documentation part was very easy. The customer service was good. They are also allow part payments and fore closure.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 14, 2015
    • Central Bank of India Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The whole experience was good with Central bank of India for my home loan. The process was really good and fast and its almost been a year I am banking with them. I am even planning to close my loan this year. The response was always prompt from them.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 18, 2015
    • Central Bank of India Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Personal loan from Central Bank Of India before 2 years for my daughters marriage and its been 23 years completed and I have no issues with them and I also hold my salary account with this bank. The customer service executives response is good if I approach the bank directly. The best part about the bank is the rate of interest charged is less and there is no processing fees as well.
      Was this review helpful? 3
      , bangalore
      Reviewed on Mar 11, 2015
    • Central Bank of India Personal Loan
      "Best bank"
      0.5 4.0/5 "Great!"
      When I applied personal loan from central bank of india response was quite good. Within 3 - 4 days the loan got disbursed. I got very good interest rates which was comparatively less than other banks. ATM and branch facilities are really good
      Was this review helpful? 7
      , chennai
      Reviewed on Oct 03, 2014
    • Central Bank of India Personal Loan
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      It was a wonderful experience of availing a personal loan from Central bank of India in the month of Apr'2014. Bank people was very co-operative in making my loan disbursed within just 7 days. Everything was simple and the process was much faster. Rate of interest & processing fees are pretty good.
      Was this review helpful? 6
      , mumbai
      Reviewed on Jul 08, 2014
    Common Loader Icon
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.